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Gushan Environmental Energy cancels ADS offering

By Associated Press
July 8, 2008 | Comments (0)

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Chinese biodiesel producer Gushan Environmental Energy Ltd. canceled a public offering Tuesday of American Depositary Shares because of stock market volatility and "the current trading price" of its ADSs, the company said.

Since June 23 when Gushan filed a registration for the secondary offering with the U.S. Securities and Exchange Commission, the ADSs have fallen 11 percent to Monday's closing of $10.47.

The proposed offering was to include only securities sold by certain shareholders, said Gushan, China's largest biodiesel producer.

The company's ADSs fell 28 cents, or 2.7 percent, to close at $10.19. They have traded between $7 and $17.95 in the last year.

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